U.S. Stocks Open Higher Ahead of This Week’s Inflation Number
2022.08.08 17:38
By Liz Moyer
Investing.com — U.S. stocks opened higher as investors look forward to this week’s consumer price index report for July.
At 9:37 AM ET, the Dow Jones Industrial Average was up 202 points, or 0.6%, while the S&P 500 was up 0.5% and the NASDAQ Composite was up 0.8%.
Economists expect the CPI cooled somewhat last month, thanks to retreating fuel prices. The estimate is looking for 8.7% growth year over year, compared to June’s 9.1% annualized gain.
Investors have pushed stocks higher in recent sessions on the expectation that slowing inflation could encourage the Federal Reserve to be less aggressive with its interest rate hikes.
This is also another week for earnings, with reports due from Walt Disney Company (NYSE:DIS), Norwegian Cruise Line Holdings Ltd (NYSE:NCLH) and Rivian Automotive Inc (NASDAQ:RIVN).
Uber Technologies Inc (NYSE:UBER) shares rose 2.2% after Japan’s SoftBank said it had sold its stake in the ride-hailing company.
Palantir Technologies Inc (NYSE:PLTR) shares fell 12% after an unexpected loss for the quarter and a revised full-year outlook, lowered because of the uncertain timing of government contracts.
Oil fell. Crude Oil WTI Futures was down 0.2%, to $88.80 a barrel while Brent Oil Futures crude was flat around $94.91 a barrel. Gold Futures inched up 0.4%, to $1,798 an ounce.
